Key benchmark indices extended gains and hit fresh intraday high in mid-afternoon trade. The barometer index, the S&P BSE Sensex, hit fresh record high above the psychological 22,000 level. The 50-unit CNX Nifty also scaled fresh record high. The Sensex was up 300.40 points or 1.38%, off 18.62 points from the day's high and up 228.22 points from the day's low.
Indian stocks surged today, 24 March 2014, after the government exceeded its $3.1 billion asset sales target for this fiscal year and as investors bet that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) will be able to form the next government at Centre.
The Indian government has reportedly raised about $905.7 million by selling 9% stake in Axis Bank through block deals on BSE on Friday, 21 March 2014. The stake sale is expected to help shrink the government's fiscal deficit. Finance Minister P. Chidambaram has forecast that the deficit won't exceed 4.6% of gross domestic product for the fiscal year ending 31 March 2014. The government earlier had planned to raise Rs 40000 crore by selling stakes in several state-run companies, but has subsequently lowered its expectations.
Investors are betting that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) will be able to form the next government at the centre with support from some regional parties after Lok Sabha elections in April-May this year. The BJP with its prime ministerial candidate Narendra Modi is considered more pro-business and a more pro-reform party than the Congress party.
Index heavyweight and cigarette major ITC extended intraday gain in volatile trade. Many PSU stocks gained on renewed buying. Bharat Heavy Electricals (Bhel) edged higher after the company said it has bagged a large contract worth Rs 3000 crore from NTPC for the supply of 2x800 MW steam generators (boilers) with supercritical parameters for an upcoming power project in Odisha. United Spirits fell on profit booking...
Indian stocks surged today, 24 March 2014, after the government exceeded its $3.1 billion asset sales target for this fiscal year and as investors bet that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) will be able to form the next government at Centre.
The Indian government has reportedly raised about $905.7 million by selling 9% stake in Axis Bank through block deals on BSE on Friday, 21 March 2014. The stake sale is expected to help shrink the government's fiscal deficit. Finance Minister P. Chidambaram has forecast that the deficit won't exceed 4.6% of gross domestic product for the fiscal year ending 31 March 2014. The government earlier had planned to raise Rs 40000 crore by selling stakes in several state-run companies, but has subsequently lowered its expectations.
Investors are betting that the Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) will be able to form the next government at the centre with support from some regional parties after Lok Sabha elections in April-May this year. The BJP with its prime ministerial candidate Narendra Modi is considered more pro-business and a more pro-reform party than the Congress party.
Index heavyweight and cigarette major ITC extended intraday gain in volatile trade. Many PSU stocks gained on renewed buying. Bharat Heavy Electricals (Bhel) edged higher after the company said it has bagged a large contract worth Rs 3000 crore from NTPC for the supply of 2x800 MW steam generators (boilers) with supercritical parameters for an upcoming power project in Odisha. United Spirits fell on profit booking...
Source: Hindi News
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